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ACC 703 (10)

Week 9 PCA & Notes.docx

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Ryerson University
ACC 703
Deidre Taylor

Wednesday November 7, 2012 Entell and Lorne Coats 9 of Entell, choice of IFRS 9 of IAS 39 Brief summary of each Going concern issues reflected in share price No separate disclosure issues Lorne: prospective treatment of change from cost to equity o Use facts given to support recommendations Intercompany transactions Disclosure *Ditch solution manual with regards to joint ventures o Not relevant anymore CHAPTER 9, CASE 4 Tropical Juices Limited in joint venture agreement o What do parties to agreement intend? o Must be neutral, currently have three conflicting opinions o Realized they werent clear in agreement o As arbitrator want to recommend to change wording of agreement to reflect what the intentions of the related parties are Arbitration Report TJL Report must convey that you understood conflicting objectives as no clear right: answer o Citrus and bottle wish to max charges to Tropical and generate max cash withdrawal o Bottle want to min payments to DIL under sale agreement o Ned to clarify joint venture agreement as multiple interpretations possible What is 16 charge o Arbitration report should conclude recommendation to clarify agreement or provide written addendum Interpretation of Agreement Need to clarify intent to ensure internally consistent reasoning o Is purpose of agreement to reimburse Citrus and Bottle for transactions with Tropical? o Is purpose of agreement to measure not income of Tropical for distribution to Citrus and Bottle o Reach a conclusion: Reimbursement of expenses is intent Base analysis of acct policies using reference to JV agreement, not necessarily GAAP
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